H. R. 790
IN THE HOUSE OF REPRESENTATIVES
February 15, 2013
Mr. Peters of Michigan (for himself, Mr. Bishop of New York, and Mr. McNerney) introduced the following bill; which was referred to the Committee on Financial Services
To amend the Securities Exchange Act of 1934 to require the disclosure of the total number of a company’s domestic and foreign employees.
This Act may be cited as the
Outsourcing Accountability Act of
Required disclosure of number of domestic and foreign employees
Disclosure of number of domestic and foreign employees
Beginning the first full fiscal year that begins after the date of enactment of this subsection, each issuer required to file reports with the Commission pursuant to subsection (a) shall disclose annually to the Commission and to shareholders—
the total number of employees of the issuer and each consolidated subsidiary of the issuer who are domiciled in the United States and listed by number in each State;
the total number of such employees physically working in and domiciled in any country other than the United States, listed by number in each country; and
the percentage increase or decrease in the numbers required under subparagraphs (A) and (B) from the previous reporting year.
Newer public companies
An issuer shall not be subject to the requirement under paragraph (1) for the first 5 years after the issuer is first required to file reports with the Commission pursuant to subsection (a).
An issuer that had total annual gross revenues of less than $1,000,000,000 during its most recently completed fiscal year shall not be subject to the requirement under paragraph (1).
The Commission may promulgate such regulations as it considers necessary to implement the requirement set forth in paragraph (1).